Pearse Doherty (Donegal South West, Sinn Fein)
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Question 96: To ask the Minister for Finance the amount raised for the Exchequer during 2010 by the income levy; and the amount that would have been raised were the income levy applied only to those earning in excess of €30,000 per annum. [25654/11]

Michael Noonan (Limerick City, Fine Gael)
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The Income Levy was collected by the Revenue Commissioners as a component of Income Tax. I am informed by the Revenue Commissioners that it is estimated that €1,446 million was collected from the Income Levy in the calendar year 2010. However, as is normal, it would have been expected that the total Income Levy liability for the income tax year 2010 would be higher at €1,710 million and the difference would have been collected in 2011/12. I am advised by the Revenue Commissioners that the estimated full year yield to the Exchequer, estimated by reference to 2010 incomes, of confining the Income Levy to all income earners earning in excess of €30,000 per annum, and double that amount for married couples, would have been of the order of €1,405 million.

These figures are estimates from the Revenue tax-forecasting model using actual data for the year 2009 adjusted as necessary for income and employment trends for the year 2010. They are therefore provisional and may to be revised.

Pearse Doherty (Donegal South West, Sinn Fein)
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Question 97: To ask the Minister for Finance the revenue that would be raised for the Exchequer by reducing capital acquisition tax thresholds by 25% and increasing the CAT rate by 10%. [25655/11]

Michael Noonan (Limerick City, Fine Gael)
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I am advised by the Revenue Commissioners that the estimated full year yield to the Exchequer from increasing the Capital Acquisitions Tax rate by 10%, based on the expected outturn in 2011, could be in the region of €110 million, assuming no change in the existing thresholds. The additional full year yield from existing taxpayers from reducing the existing thresholds by 25% and applying the proposed rate of 35% to the additional amounts thus brought into charge is estimated to be of the order of €50 million. Revenue do not receive information on gifts and inheritances which currently do not have to be declared so it is not possible to estimate the potential yield if such benefits were brought into the tax net. These estimates are based on transactions recorded in 2010, the latest year for which the necessary detailed information is available. It should be noted that these estimates are based upon an assumption that there would be no behavioural impact from these changes, which could lead to a less than expected impact on Exchequer yield. In addition, the realisation of any estimated yield from an increase in taxation on assets related to property is subject to movements in the value of such assets currently occurring in the economy.